India’s export grew by 10% in Q1FY18: 15 Jul 2017

Export from India soared by 4.39% to USD 23.56 billion in June as shipments of chemicals, engineering and marine products increased, reported a statement released by the Commerce Ministry on Friday.

On the other hand, import grew from USD 30.68 billion in June of the previous year to USD 36.52 billion in June 2017, showing an increase of 19% due to an increase in inward shipments of oil and gold.

An increase in imports shot up the trade deficit of the country from USD 8.11 billion in June 2016 to USD 12.96 billion in the June 2017, as per the released official data.

Import of gold grew to USD 2.45 billion in the month under review against USD 1.20 billion in the same month of the previous year.

While, the oil import rose by 12.04% to USD 8.12 billion in the June 2017, compared to same period last year.

In the Q1FY18, the export grew by 10.57% to USD 72.21 billion and the import increased by 32.78% to USD 112.2 billion and the trade deficit stood at USD 40 billion.

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